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The company reported decent numbers last Wednesday, with UK sales up 11%.
The job cuts come as HSBC reported decent earnings in the second quarter.
But the next day Intel reported decent earnings, and market professionals seemed relieved and poised to buy.
Answer: 8-13% of their market capitalisation for the smaller banks, but very little for UBS or Credit Suisse (which on July 24th reported decent results and is also hiring staff).
A clutch of big investment banks have reported decent second-quarter results, and those yet to come are also likely to be good, considering the recent gloom.Most of the banks' new profits have come from a roaring bond market, fuelled by falling interest rates.
Only LVMH has reported decent results of late thanks to its Louis Vuitton brand, which got a boost from a big new store in Tokyo.In part, these results reflect the fashion industry's exposure to this spring's three big economic shocks: SARS, the war in Iraq and the rise of the euro against the dollar.
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But even if many companies report decent numbers, investors should not break out the Dom Pérignon.
The winners and losers of the Christmas period are starting to emerge – with department stores John Lewis and House of Fraser both reporting decent sales.
Vasco Moreno of Keefe, Bruyette & Woods, an investment bank, thinks it will take a year of banks reporting decent numbers before an end can be called to the credit crunch.
"With the construction PMI and Wednesday's services PMI also expected to report decent activity it looks as though the private sector is on a strengthening trend and the UK can post respectable GDP growth of around 0.4-0.5 0.4-0.5r-on-quarter for the second quarter of 2013," said James Knightley, economist at ING Financial Markets.
AOL is expected to report decent earnings Wednesday.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com